The drug maker was up as much as 6% earlier today after it unveiled positive data from a small study of its experimental Alzheimer’s drug. It is being applauded as a big win. Earlier today, Barron’s weighed in, calling Biogen “a biotech bargain.”

But Biogen’s share price ended the day in the red as some investors engaged in profit taking and others reacted (some say overreacted) to questions about safety. And it dragged the ETFs down with it.

Credit Suisse sees a “challenging year” ahead for U.S. asset managers, and recommends a market weight allocation in investment portfolios. But that’s not to say the industry won’t deliver some winners. But analyst Craig Siegenthaler and his team warn investors “to expect a wide dispersion between the winners and losers.”

Who are the winners? The top 3 picks by Siegenthaler et al are Affiliated Managers (AMG), Blackstone Group (BX) and BlackRock (BLK).

Analysts at Keefe Bruyette & Woods sees “glimmers of hope” that active equity strategies, specifically value strategies, can regain some footing against the trend towards indexing. Robert Lee and his team argue that assuming positive asset returns in 2017, average assets under management and revenue growth could accelerate next year.

Gold is getting slammed from all directions, it seems. Prices for the precious metal are falling today, with future contracts for February dropping $11.30 a troy ounce or almost 1% to just over $1,161 a troy ounce. In the ETF realm, the SPDR Gold Trust (GLD) fell 0.9%, while the VanEck Vectors Gold Miners ETF (GDX) dropped 3.1%.

Still, both the Brent and U.S. benchmarks remained below the highs reached just after OPEC announced plans to cut production late last month, and were on track to close the week with small losses, along with the iPath S&P GSCI Crude Oil Total Return Index ETN (OIL).

Shares of Franklin Resources (BEN) fell 1.75% today after the asset manager announced late Thursday that assets under management by the firm fell 120 basis points, or $8.5 billion in November to just over $714 billion as of Nov. 30. What’s to blame? Outflows hurt, as did a strong U.S. dollar. In fact, currency had “a material negative impact” of $3 billion to $4 billion, says Wells Fargo analyst Christopher Harris.

Hedge fund managers, who by a large margin expected the UK to vote to remain in the EU, were surprised by the vote, and so it’s no surprise that just afterward, in July, more than a third (34%) said that Brexit had had a negative impact on their performance.

Gold-focused exchange traded funds have been bleeding green as investors have been frightened by floundering gold prices following the U.S. presidential elections. But Hellma Croft, head of commodity strategy at RBC Capital Markets, says ETF holdings “will stabilize with prices.”

Crude oil prices were on track to settle higher Thursday, with the global benchmark climbing more than 1.5% in recent market action. Yet investors and analysts remain skeptical about prices heading into 2017, with analysts at RBC Capital Markets arguing that “a swift near-term move higher in oil prices will prove self-defeating given the elasticity of US production and financial hedging pressure.”

About Focus on Funds

As exchange-traded funds and other investing vehicles have ballooned in number, the task of figuring out what works well and what doesn’t has only gotten harder. Barrons.com’s Focus on Funds looks under the hood of ETFs, mutual funds and hedge funds for overlooked values, actionable ideas and the latest pitfalls for fund investors.